Disadvantages

A drawback of myAutoloan is that the interest rates directly correlate with your credit scores. Hence, it may not be one of the best options available if you have a low credit score. The website is specifically for people who are serious auto loan shoppers and don’t mind a hard credit pull. Another disadvantage is that customer service is only available through email and not the phone.

Advantages

The ultimate advantage of opting for myAutoloan is that you get multiple loan offers within minutes of application. It is a great option if your credit score falls in the range of good or average. There are also a variety of financing options and calculators to do the math, so you make a well-informed decision. Also, the offers don’t expire immediately and give you the time to research and decide.

Other offerings

Apart from new and used car loans, some other options to finance your car include:

• Private party purchase loan: myAutoloan allows you to purchase a car from a private party so you can avoid any hidden fees, dealer fees, and any probable impulsive add-ons.
• Lease buyout loans: When you are buying out your lease, this type of loan proves helpful whether you are planning to buy before or after your lease period.
• Refinancing loans: The option of refinancing is a great way to save some money on your existing car loan or lower its monthly payments, or in some cases, do both.

Terms and conditions

• You and/or your co-signer must be 18 years of age or above.
• You live a state where myAutoloan is currently providing services. This includes a list of 48 states as they do not provide services in Hawaii and Alaska.
• The minimum vehicle requirements include that the vehicle must have maximum mileage of 125,000 and cannot be older than 10 years.
• Your minimum income needs to be $1,800 per month or $21,600 per year.
• Your FICO score needs to be 500 or greater.
• The minimum loan amount for both finance and refinance is $8000.00.
• You cannot submit a loan application again for the same type of loan if you submitted one in the past 31 days.

Tools offered

One of the key tools offered by myAutoloan is that you have loan offers valid for 30 days which gives you the time to decide and plan. Also, you can have a co-signer in your application to get better offers or to increase your chances of loan approval. Apart from these tools, myAutoloan has a number of useful estimators and calculators to do the math of your loan amounts, interest rates, and payment amounts. You can also get quotes from auto insurance agencies that are partnered with this service.

Credit score

myAutoloan requires a hard credit pull, which means a thorough inquiry is conducted regarding your credit score. Your consent is needed to do a hard credit pull as it affects your score. This is usually conducted while applying for an auto loan. Hence, it is essential that you are sure you want an auto loan and are not simply considering the option. An excellent credit score is usually considered to be 720 or above and will offer the best annual percentage rates like 2.74% for purchase loans and 2.49% for refinance loans. Also, any score between 690 to 719 is considered good. The average credit score of a MyAutoLoan customer is 628 for purchase loans and 602 for refinance loans.

Applying for the loan

The entire application process of myAutoloan is convenient and can be easily completed online. The loan process is quite secure and confidential and needs barely a few minutes to complete.

• The website uses patented technology during the application process.
• After you have submitted your application, you are likely to get your funding options within moments.
• The loan applications that you will receive will have up to four loan offers that are specifically based on your application. This ensures that you don’t have to skim through any material that is irrelevant to your situation.
• You are not obligated to accept any of the loan offers. If you feel the monthly payment is above your budget, you don’t have the down payment needed, or don’t necessarily agree with the terms, you can simply not accept it. These offers automatically expire after 30 days, and you have till then to decide if you want to accept the offer or not.
• If you accept an offer, the lender may require additional documents in order to complete the loan process. Usually, the information one has to submit includes recent pay stubs, proof of auto insurance, and a copy of a driver’s license.